March 6, 2024 5:19 PM
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newsletter@mail.coinbase.com
Bitcoin’s new all-time high
Coinbase Bytes newsletter detailing Bitcoin's new all-time high and the potential impacts of upcoming BTC halving and spot bitcoin ETFs on the market.
After more than two years, BTC broke past the previous record. View in browser 3/7/24 Bitcoin’s new all-time high above $69,300 came after a historic rally, fueled by spot bitcoin ETFs. [Westend61 via Getty Images] What’s up? It’s Coinbase Bytes
March 6, 2024 5:19 PM
-
newsletter@mail.coinbase.com
Bitcoin’s new all-time high
Coinbase Bytes newsletter detailing Bitcoin's new all-time high and the potential impacts of upcoming BTC halving and spot bitcoin ETFs on the market.
After more than two years, BTC broke past the previous record. View in browser 3/7/24 Bitcoin’s new all-time high above $69,300 came after a historic rally, fueled by spot bitcoin ETFs. [Westend61 via Getty Images] What’s up? It’s Coinbase Bytes
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</style></head><body style="margin:0; padding:0; background-color:#FFFFFF; font-family:Helvetica Neue,Helvetica,Arial,sans-serif; font-size:16px; color:#0A0B0D"><span style="color:transparent; visibility:hidden; display:none; opacity:0; height:0; width:0; font-size:0">After more than two years, BTC broke past the previous record.</span><img src="https://links.coinbase.com/e/eo?_t=3aca56371967418192255878e9689713&_m=0a8a69660edc4ecaa22d6619b986fe35&_e=pWtK4vkJHyft7a-lloCvGUYnm2ABKu8rTJ4GF-idll-_wf3wnDwSM9Es5bVhVlOWhI0sJ-XBtGOK3MTbkiy3Kc7WjicM3dJP9j3a68_NhgX11Qo3gWFIcXBlePaApbNW1nXE9CDld6b31aoodHzaqPxqQwMfeoKuH3bFPYgBUHI%3D" width="1" height="1" style="border:0; width:1px; height:1px; border-width:0px!important; display:none!important; line-height:0!important"><div id="root" style="min-width:320px; background-color:#FFFFFF; width:100%"><div class="block-grid" style="min-width:320px; max-width:570px; word-break:break-word; margin:0px auto"><div style="padding:0px 10px 10px"><div style="text-align:right; margin-bottom:24px"><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(91,97,110); text-decoration:none; line-height:1.5; font-size:12px">View in browser</a></div><div style="margin-bottom:20px"><table style="width:100%"><tbody><tr><td style="text-align:left; vertical-align:middle"><a href="#" title="Coinbase Bytes" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/cbytes-4x.png" height="36" style="display:block; height:36px"></a></td><td style="text-align:right"><p style="font-size:20px; color:rgb(10,11,1); margin:10px 0px 0px">3/7/24</p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer"><img src="https://images.ctfassets.net/q5ulk4bp65r7/5rE0rrI4Fi610AHgsHZye5/2af34419e44cd09c6e67e57cfdf6af25/image1.jpg" width="100%" style="display:block; width:100%"></a><p style="margin:16px 0px 0px; line-height:1.5; word-break:break-word; font-size:12px; color:rgb(91,97,110)">Bitcoin’s new all-time high above $69,300 came after a historic rally, fueled by spot bitcoin ETFs. [Westend61 via Getty Images]</p><p style="margin:48px 0px 16px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What’s up? It’s Coinbase Bytes </strong></p><p style="margin:0px; line-height:1.6; word-break:break-word">There’s never a dull moment on the blockchain. Here’s what you need to know this week:</p><ul style="margin:10px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px"><strong>Bitcoin hit a new all-time high on Tuesday. </strong>BTC reached just above $69,300, before retreating.</li><li style="margin:0px; padding:6px 0px"><strong>Altcoins like DOGE, OP, and MATIC have been rallying too. </strong>But is it officially altcoin season yet?</li><li style="margin:0px; padding:6px 0px"><strong>This week in numbers. </strong>The eye-watering sales price of a CryptoPunk NFT, the percent of ETH’s total supply currently being staked, and more stats to know.</li></ul><p style="margin:0px; padding:0px"></p><div class="desktop_hide" style="display:none; max-height:0; overflow:hidden"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$66,226.44 </p><p style="margin:0; font-size:12px">+7.35% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$3,838.34 </p><p style="margin:0; font-size:12px">+11.93% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$131.87 </p><p style="margin:0; font-size:12px">+12.10% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.62 </p><p style="margin:0; font-size:12px">+8.10% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.74 </p><p style="margin:0; font-size:12px">+18.41% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$0.16 </p><p style="margin:0; font-size:12px">+40.10% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><div class="mobile_hide"><table style="width:100%; table-layout:fixed; margin:0"><tbody><tr><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Bitcoin</strong></p><p style="margin:8px 0px">$66,226.44 </p><p style="margin:0; font-size:12px">+7.35% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Ethereum</strong></p><p style="margin:8px 0px">$3,838.34 </p><p style="margin:0; font-size:12px">+11.93% </p></div></td></tr></tbody></table></a></td><td style="padding-top:40px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Solana</strong></p><p style="margin:8px 0px">$131.87 </p><p style="margin:0; font-size:12px">+12.10% </p></div></td></tr></tbody></table></a></td></tr><tr><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>XRP</strong></p><p style="margin:8px 0px">$0.62 </p><p style="margin:0; font-size:12px">+8.10% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Cardano</strong></p><p style="margin:8px 0px">$0.74 </p><p style="margin:0; font-size:12px">+18.41% </p></div></td></tr></tbody></table></a></td><td style="padding-top:20px"><a href="#" target="_blank" style="text-decoration:none; color:#0A0B0D"><table><tbody><tr><td style="padding:0; vertical-align:top"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/up-arrow.png" height="12" width="12" style="height:12px; width:12px; margin:2px 0px 0px 0px; vertical-align:top"> </td><td style="padding:0; vertical-align:top"><div style="text-align:left; margin:0px 0px 0px 10px; line-height:1"><p style="margin:0"><strong>Dogecoin</strong></p><p style="margin:8px 0px">$0.16 </p><p style="margin:0; font-size:12px">+40.10% </p></div></td></tr></tbody></table></a></td></tr></tbody></table></div><p style="margin:20px 0px 0px; line-height:1.5; word-break:break-word; color:rgb(91,97,110); font-size:12px">Price changes are for the past week, ending on Mar 7, 2024 at 12:14 AM UTC</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>See the latest prices</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>MARKET UPDATE </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>After more than two years, Bitcoin hits new all-time high</strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">On Tuesday morning (EST), <a href="#" target="_blank" rel="noopener noreferrer">BTC</a> hit a new <a href="#" target="_blank" rel="noopener noreferrer">all-time high</a> just north of $69,300, slightly eclipsing the previous high-water mark of $69,000 set in November 2021. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The new U.S. dollar peak followed bitcoin’s all-time highs against the Euro and U.K. pound <a href="#" target="_blank" rel="noopener noreferrer">set on Monday</a>. (BTC prices fell below $62,000 on Tuesday afternoon before climbing back above $66,000 by Wednesday morning.)</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Bitcoin’s new record <a href="#" target="_blank" rel="noopener noreferrer">total market capitalization</a> of $1.35 trillion also outpaced the $1.28 trillion high set in 2021. In addition to recent price gains, bitcoin’s market cap has been boosted by its ever-growing supply, given that more BTC has been mined since November 2021.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">What’s driving this rally, and what might happen next? Here’s what you need to know. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Trade volume for spot BTC exchange-traded funds (ETFs) keeps breaking records.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The strongest likely trigger for the current rally has been the arrival of spot BTC ETFs from a range of firms including BlackRock and Fidelity, which have made it easier for a wider range of traders to gain exposure to crypto in their portfolios. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“Many analysts attributed bitcoin’s advance in the second half of last year to anticipation that the ETFs would be approved,” said the <a href="#" target="_blank" rel="noopener noreferrer">Wall Street Journal</a>. “Now, they say investors’ embrace of the funds is driving more bullishness, in addition to creating new demand.”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">On Monday, BlackRock’s bitcoin ETF (IBIT) <a href="#" target="_blank" rel="noopener noreferrer">set another daily trading record</a> with close to $3.8 billion in volume. This comes after IBIT saw more than $1 billion in trade action every day last week, according to Bloomberg analyst Eric Balchunas. Overall, <a href="#" target="_blank" rel="noopener noreferrer">a record</a> $22 billion moved in and out of the new bitcoin investment products last week.</p><p>“Will this subside or is [the] new normal here?” Balchunas <a href="#" target="_blank" rel="noopener noreferrer">asked</a> in a tweet last Friday. “We’ll know next [week].”</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Bitcoin’s fourth halving is set for April.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Bitcoin is designed to be a scarce, inflation-resistant asset, and one of the key mechanisms it uses is <a href="#" target="_blank" rel="noopener noreferrer">the halving (or halvening)</a>, in which the amount of new BTC created by <a href="#" target="_blank" rel="noopener noreferrer">mining</a> is reduced by half approximately every four years until all 21 million BTC are mined sometime next century. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Currently, 6.25 BTC are mined every ten-or-so minutes. After <a href="#" target="_blank" rel="noopener noreferrer">April’s halving</a>, that number will drop to 3.125. Because bitcoin prices spiked following the last two halvings, one of the reasons traders may be buying BTC now is in the hopes that prices will rise post-halving. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>What will happen with BTC’s price following the halving?</strong> </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Opinions vary. JPMorgan analysts suggest that the effect may have already been “<a href="#" target="_blank" rel="noopener noreferrer">priced in</a>” by savvy traders, and therefore BTC <a href="#" target="_blank" rel="noopener noreferrer">could actually fall</a> to around $42,000 post-halving.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Other analysts suggest that the halving’s reduced supply will meet the heightened demand from ETFs and <a href="#" target="_blank" rel="noopener noreferrer">result in a rally</a>. As always though, only time will tell. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line…</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Whatever happens next, a huge majority of BTC holders should be feeling pretty good about their HODLings. According to data from crypto analytics firm IntoTheBlock, as of Wednesday more than <a href="#" target="_blank" rel="noopener noreferrer">98% of addresses</a> were in profit with BTC north of $66,000.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“Given the substantial percentage of addresses in profit, the selling pressure from users attempting to break even no longer has a significant effect,” the firm <a href="#" target="_blank" rel="noopener noreferrer">noted</a>. “For newcomers entering the market to purchase coins, they are essentially buying from existing users who are already realizing a profit.”</p><a href="#" target="_blank" rel="noopener noreferrer"><div class="desktop_hide" style="display:none; max-height:0px; overflow:hidden"><img src="https://images.ctfassets.net/q5ulk4bp65r7/1GxliVAgGMseHxmm7N3ot1/f526c65caf08d6f72f47c5d600ba1aa5/FINAL_-_650x488help.jpg" width="100%" style="display:block; width:100%; margin:64px 0px"></div><div class="mobile_hide"><img src="https://images.ctfassets.net/q5ulk4bp65r7/1a8shmU5kaWDqJSLFLnmlz/ac19e411a82cd170b43aeced30ea91e2/FINAL_-_1060x408pxhelp.jpg" width="100%" style="display:block; width:100%; margin:64px 0px"></div></a><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>ALT WEEKLY </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>ETH, DOGE, and other tokens surge following bitcoin rally </strong></p></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">With bitcoin breaking new all-time highs, some crypto traders are turning to the next big question: Is it altcoin season?</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Alt (or <a href="#" target="_blank" rel="noopener noreferrer">altcoin</a>) season is crypto slang for a period when non-BTC tokens rally following a spike in BTC’s price. It’s triggered in part by traders pivoting BTC profits into smaller tokens, as well as <a href="#" target="_blank" rel="noopener noreferrer">new participants</a> deciding to join in on the rally. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">As of Wednesday morning, the altcoin market cap is <a href="#" target="_blank" rel="noopener noreferrer">up roughly 40%</a> over the past month, and some crypto watchers are predicting that an even bigger move could be on the horizon.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Here’s what you need to know.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Optimism around Ethereum ETFs may be boosting markets.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">The second-biggest cryptocurrency by market capitalization is up more than 60% in the past month. On Tuesday, prices crossed the <a href="#" target="_blank" rel="noopener noreferrer">$3,800</a> mark for the first time since January 2022 (but remain well below ETH’s $4,600 peak). </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">What’s driving the rally? In part, it’s due to traders' optimism that spot <a href="#" target="_blank" rel="noopener noreferrer">ETH</a> ETFs from firms including BlackRock will gain SEC approval and begin trading later this year. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">On Monday, the SEC delayed making a decision on BlackRock’s proposal. <a href="#" target="_blank" rel="noopener noreferrer">According to Blockworks</a>, “The move was largely expected. Analysts, like Bloomberg ETF analyst James Seyffart, believe that a decision to either green light or postpone the launch of the spot ether ETFs won’t come until May — at the earliest.” </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The Ethereum economy is on the move.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Beyond ETH itself, tokens across the Ethereum ecosystem are rallying. </p><ul style="margin:10px 0px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px">The Ethereum scaling protocol Polygon saw its native token <a href="#" target="_blank" rel="noopener noreferrer">MATIC</a> rise <a href="#" target="_blank" rel="noopener noreferrer">35% in the past month</a>, crossing the $1 mark for the first time since last April.</li><li style="margin:0px; padding:6px 0px"><a href="#" target="_blank" rel="noopener noreferrer">OP</a>, the native token of the layer-2 network Optimism, is up <a href="#" target="_blank" rel="noopener noreferrer">about 40%</a> in the past month — with a 40% gain in <a href="#" target="_blank" rel="noopener noreferrer">monthly active users</a> over that same period. </li><li style="margin:0px; padding:6px 0px"><a href="#" target="_blank" rel="noopener noreferrer">Uniswap</a>, the decentralized exchange that is Ethereum’s <a href="#" target="_blank" rel="noopener noreferrer">most popular app</a> by far, has seen prices for its native token spike by 150% in the past month following a <a href="#" target="_blank" rel="noopener noreferrer">governance proposal</a> that paved the way for holders to earn staking rewards. </li></ul><p style="margin:0px; padding:0px"></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Wall Street is eyeing tokenization next. </strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">With the BTC ETFs breaking new records on a near-weekly basis, it feels safe to say that Wall Street has finally warmed up to crypto. But besides spot ether ETFs, what could traditional finance firms dive into next? </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><a href="#" target="_blank" rel="noopener noreferrer">According to BlackRock CEO Larry Fink</a>, the next step could be the tokenization of real-world assets — or bringing asset classes like real estate or stocks onto blockchains to take advantage of their ability to make global transactions faster and cheaper. It's estimated to become a <a href="#" target="_blank" rel="noopener noreferrer">$10 trillion market</a> by 2030.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Many of the protocols involved in tokenization have seen big rallies in recent weeks. </p><ul style="margin:10px 0px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px">Algorand, <a href="#" target="_blank" rel="noopener noreferrer">which supports</a> a variety of major projects including a programmable Euro approved by the Dutch Central Bank, has seen its native token <a href="#" target="_blank" rel="noopener noreferrer">ALGO</a> rise more than 50% in the past month. </li><li style="margin:0px; padding:6px 0px">Hedera, another blockchain <a href="#" target="_blank" rel="noopener noreferrer">which supports</a> tokenization projects ranging from real estate sales to global water markets, has seen its native token <a href="#" target="_blank" rel="noopener noreferrer">HBAR</a> rise nearly 70% in the past month. </li><li style="margin:0px; padding:6px 0px"><a href="#" target="_blank" rel="noopener noreferrer">XRP</a> is up roughly 20% after <a href="#" target="_blank" rel="noopener noreferrer">announcing a partnership</a> aimed at bringing more tokenized assets onto its blockchain. </li></ul><p style="margin:0px; padding:0px"></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>Retail investors are buying dog-themed coins again.</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">While institutional investors <a href="#" target="_blank" rel="noopener noreferrer">pour capital</a> into BTC ETFs and Ethereum, spikes in smaller tokens tend to be correlated with a rise in everyday (or “retail”) trading. </p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">“Retail is hearing about the large crypto run-up from the Bitcoin ETFs, and has re-entered the market buying all the cheap coins,” Jordi Alexander, founder of digital-asset trading firm Selini Capital, <a href="#" target="_blank" rel="noopener noreferrer">told Bloomberg</a>. “<a href="#" target="_blank" rel="noopener noreferrer">DOGE</a> and <a href="#" target="_blank" rel="noopener noreferrer">SHIB</a> [are] getting a bit of comeback also — the key question is do dogs keep the lead, or is there a faster animal?”</p><ul style="margin:10px 0px 0px; padding-left:24px; line-height:1.6"><li style="margin:0px; padding:6px 0px">Dogecoin is up about 100% over the last month — and a majority of futures traders are predicting prices will continue to rise. Traders placed more than <a href="#" target="_blank" rel="noopener noreferrer">$1 billion in futures bets</a> on the OG memecoin’s price, with 70% betting prices will go up.</li><li style="margin:0px; padding:6px 0px">The DOGE-insipired Shiba Inu (SHIB) token has more than doubled DOGE’s gains in the same period, rising 275% in the past month. </li><li style="margin:0px; padding:6px 0px"><a href="#" target="_blank" rel="noopener noreferrer">BONK</a>, a Solana-based <a href="#" target="_blank" rel="noopener noreferrer">dog token</a> that’s seen a meteoric rise in recent months, is up over 200% in the last four weeks, with more than $2 billion in trading volume on Monday alone. </li></ul><p style="margin:0px; padding:0px"></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><strong>The bottom line…</strong></p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Some analysts are <a href="#" target="_blank" rel="noopener noreferrer">skeptical</a> of a potential alt season, suggesting that the institutional investors who have fueled this current rally are unlikely to roll BTC profits into smaller tokens. But one key metric could offer some optimism about what’s next.</p><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">According to the <a href="#" target="_blank" rel="noopener noreferrer">TOTAL3</a> – which represents the total crypto market <i>minus</i> BTC, ETH, and stablecoins — the altcoin market peaked at around $1 trillion in 2021. Currently? The TOTAL3 sits at just $670 billion, potentially indicating there’s more room to run.</p><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NUMBERS TO KNOW </strong></p></td></tr></tbody></table></div><h1><strong>$11 billion</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Value, as of last week, of digital assets <a href="#" target="_blank" rel="noopener noreferrer">traded</a> on decentralized exchanges built on Solana, surpassing the previous high of nearly $10 billion set in December. Solana’s native token also hit 22-month highs.</p><h1><strong>$16 million</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word"><a href="#" target="_blank" rel="noopener noreferrer">Sales price</a> (4,500 ETH) on Monday for CryptoPunk 3100 — one of nine rare “alien” Cryptopunk NFTs. “That’s the second-largest sale ever for the blue-chip NFT collection, trailing only a $23.7 million CryptoPunk purchase made in Feb. 2022,” reports Blockworks.</p><h1><strong>90</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Level that the Crypto Fear & Greed index <a href="#" target="_blank" rel="noopener noreferrer">hit</a> on Tuesday, for the first time since 2021. The index — which measures sentiment on a scale of 1 to 100 via a variety of metrics including volatility and social searches — is firmly in the “extreme greed” zone, indicating that traders are feeling bullish about bitcoin.</p><h1><strong>74% </strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Share of institutional investors already exposed to digital assets who <a href="#" target="_blank" rel="noopener noreferrer">plan on increasing</a> their exposure this year, according to a recent survey from Nickel Digital. The same survey found 92% of respondents see crypto as an attractive investment opportunity over the next five years. </p><h1><strong>26%</strong></h1><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Share of Ethereum’s total supply (worth around $115 billion) that is <a href="#" target="_blank" rel="noopener noreferrer">currently being staked</a>. Since Ethereum moved to a proof-of-stake network in 2022, staking has become increasingly critical to ensuring the network’s security and efficiency. </p><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>TOKEN TRIVIA </strong></p></td></tr></tbody></table><p style="margin:5px 0px 0px; font-size:32px; line-height:1.26; word-break:break-word"><strong>What is the name of Ethereum’s next major upgrade?</strong></p></div><div style="margin-top:16px"><table style="line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>A</strong></td><td>Dencun</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>B</strong></td><td style="padding-top:12px">Cancun</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>C</strong></td><td style="padding-top:12px">Bencun</td></tr><tr><td style="padding-right:12px; padding-top:12px"><strong>D</strong></td><td style="padding-top:12px">2Eth 2Furious</td></tr></tbody></table></div><p style="margin:16px 0px 0px; line-height:1.6; word-break:break-word">Find the answer at the end of the email.</p><div class="cta_button" style="margin:24px 0px 0px; padding:0px; width:50%"><a href="#" target="_blank" rel="noopener noreferrer" style="display:block; margin:0px; line-height:1.2; font-size:16px; text-decoration:none; color:rgb(255,255,255); background-color:rgb(0,82,255); border-radius:30px; text-align:center; padding:18px 0px"><strong>Read ETH news</strong></a></div><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><div><table style="margin:0px; padding:0px"><tbody><tr><td style="margin:0px; padding-right:11px; vertical-align:middle"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/dot-1.5x.png" width="12" height="12" style="display:block; width:12px; height:12px"></td><td style="margin:0px; padding:0px; vertical-align:middle"><p style="margin:0px; font-size:16px; letter-spacing:0.075em"><strong>NOW TRADING ON COINBASE </strong></p></td></tr></tbody></table></div><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>RENDER</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/232d219562c169f1d1023d248261e34febf28259b450ac3c5331d50348a466b2.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">The Render Network is a decentralized GPU rendering platform that enables distributed graphics processing. </p></a><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>STRK</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/d4f8694e03eaa36b863aa1833881cbc5821f8762bb9a51f5d3c80f8bcc6b8491.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Starknet is a zk-rollup Ethereum scaling solution. </p></a><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>MOBILE</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/af8afa0f8a99e3786611ad47f460c750dd78467d67784905bcfbb2d2ad0274c7.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Helium Mobile provides cellular service through its decentralized wireless infrastructure. </p></a><a href="#" target="_blank" rel="noopener noreferrer" style="color:rgb(10,11,13); text-decoration:none"><table style="margin:16px 0px 0px; width:100%"><tbody><tr><td style="font-size:32px; line-height:1.26; word-break:break-word; vertical-align:middle; white-space:nowrap"><strong>AERO</strong></td><td style="vertical-align:middle; padding-left:12px"><img src="https://asset-metadata-service-production.s3.amazonaws.com/asset_icons/93b9f25ca937680b4b95a49a3e50aa614c039ff1ad0abed2bf59d24fbcb99b80.png" width="26" height="26" style="display:block; width:26px; height:26px; vertical-align:middle"></td><td style="vertical-align:middle; text-align:right; width:100%"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Newsletter%20Assets/newlistings_light.png" width="21" height="18" style="width:21px; height:18px; vertical-align:middle"></td></tr></tbody></table><p style="margin:0px; line-height:1.6">Aerodrome Finance is an automated market maker and liquidity hub on Base. </p></a><table width="100%" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; min-width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top; min-width:100%; padding:48px 0px"><table border="0" cellpadding="0" cellspacing="0" width="100%" align="center" role="presentation" style="table-layout:fixed; vertical-align:top; border-spacing:0px; border-collapse:collapse; border-top:2px solid rgb(222,224,226); width:100%"><tbody><tr style="vertical-align:top"><td valign="top" style="word-break:break-word; vertical-align:top"><span></span></td></tr></tbody></table></td></tr></tbody></table><p style="margin:0px; line-height:1.6; word-break:break-word"><strong>Trivia answer</strong></p><table style="margin:12px 0px 0px; line-height:1.6; word-break:break-word"><tbody><tr><td style="padding-right:12px"><strong>A</strong></td><td>Dencun</td></tr></tbody></table><table style="margin:48px 0px 0px"><tbody><tr><td style="text-align:left"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Rebrand%20Assets/coinbase_footer_wordmark.png" alt="Coinbase" height="26" style="display:block; height:26px; margin-bottom:24px"></td></tr><tr><td><a href="#" title="coinbase ios app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_apple.png" alt="Download on iOS App store" height="46" style="display:block; height:46px; margin-right:8px"></a></td><td><a href="#" title="coinbase android app" target="_blank" rel="noopener noreferrer"><img src="https://d15k2d11r6t6rl.cloudfront.net/public/users/Integrators/669d5713-9b6a-46bb-bd7e-c542cff6dd6a/3aca56371967418192255878e9689713/Icons/app_google.png" alt="Download on Google Play" height="46" style="display:block; height:46px"></a></td></tr></tbody></table><div style="margin-top:24px"><p style="font-size:12px; line-height:1.8; word-break:break-word; color:rgb(91,97,110)">Disclaimer: This material is the property of Coinbase, Inc., its parent and affiliates ("Coinbase"). The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Coinbase or its employees and summarizes information and articles with respect to cryptocurrencies or related topics that the author believes may be of interest. This material is for informational purposes only, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations or (iii) an official statement of Coinbase. No representation or warranty is made, expressed or implied, with respect to the accuracy or completeness of the information or to the future performance of any digital asset, financial instrument or other market or economic measure. The information is believed to be current as of the date indicated on the materials. Recipients should consult their advisors before making any investment decision. Coinbase may have financial interests in, or relationships with, some of the entities and/or publications discussed or otherwise referenced in the materials. Certain links that may be provided in the materials are provided for convenience and do not imply Coinbase's endorsement, or approval of any third-party websites or their content. <br><br>Coinbase is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. <br><br>© Coinbase 2024 | Coinbase Inc. <br>248 3rd St #434 <br>Oakland | CA 94607 | US <br><a href="#">www.coinbase.com</a> <br><a href="#">Get in touch</a> <br><br><br><a href="#" style="text-decoration:none">Unsubscribe</a> from future editions of Coinbase Bytes.</p></div></div></div></div><img alt="" src="http://comm.coinbase.com/CI0/0100018e16475077-a7222665-dfa3-4bc9-a8e2-a24a759c912d-000000/hwFYCf9zBlyeIAbMExrQ-b8VA-cngusAmBrEw4yfPb8=343" style="display:none; width:1px; height:1px"> </body></html>
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